Resolution No. 954/2020 / UBTVQH14 on adjusting the family circumstance-based reduction of income tax.

Resolution No. 954/2020 / UBTVQH14 on adjusting the family circumstance-based reduction of income tax.

Talking with Tuoi Tre, Mr. Pham Dinh Thi – Head of Tax Policy Department, Ministry of Finance – said the family allowances are based on the provisions of the amended Personal Income Tax Law.

Accordingly, when the CPI fluctuates by 20% compared to the time when the law takes effect or when the latest GTGC is applied, the Government submits to the National Assembly Standing Committee to adjust the reduction based on family circumstances in accordance with price fluctuations to apply for the next tax period.

The proposal of the Ministry of Finance to increase the additional family allowances by VND 2 million / month for taxpayers and VND 800,000 / month for dependents is based on the increase corresponding to the fluctuation of the CPI.

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